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Account Control / Microtransactions and other use cases
« on: March 08, 2015, 12:53:24 pm »
From the wiki: "Allowing accounts to only send coins to a specified account"
I wonder if the following use cases are possible. They depend on there being no way to override or cancel this "lock".
1. Microtransactions. I lock one of my accounts to a payment processor's account for a month. Every time I buy something, I sign and send a transaction directly to the payment processor without broadcasting it. This transaction is always the sum of all my purchases up to that point. The payment processor stores the last transaction I send, and broadcasts it at the end of the month, paying only one fee.
2. Cross chain transactions. I have accounts A and A' on different chains, my counterparty has accounts B and B'. I lock account A to B and my counterparty locks B' to A'. I sign a small transaction from A to B without broadcasting it and send it to my counterparty, who signs a small transaction from B' to A' and sends it to me. This continues with small increments to the amounts until the whole sum is covered, at which point both parties broadcast the last transaction they have received.
3. Contract for difference without counterparty risk (contracts are for USD, gold, Apple stock or anything else). I lock my account A to B, who provides a CFD service, and B locks his account B2 to my account A2. Wins/losses are settled between the parties once a minute by signing transactions without broadcasting them. One practical application would be to lock the USD value of my NXT holdings by short selling. Skycoin developer talks about something similar in "Continuous Settlement and Clearing" here:
https://bitcointalk.org/index.php?topic=380441.msg10605137#msg10605137
I wonder if the following use cases are possible. They depend on there being no way to override or cancel this "lock".
1. Microtransactions. I lock one of my accounts to a payment processor's account for a month. Every time I buy something, I sign and send a transaction directly to the payment processor without broadcasting it. This transaction is always the sum of all my purchases up to that point. The payment processor stores the last transaction I send, and broadcasts it at the end of the month, paying only one fee.
2. Cross chain transactions. I have accounts A and A' on different chains, my counterparty has accounts B and B'. I lock account A to B and my counterparty locks B' to A'. I sign a small transaction from A to B without broadcasting it and send it to my counterparty, who signs a small transaction from B' to A' and sends it to me. This continues with small increments to the amounts until the whole sum is covered, at which point both parties broadcast the last transaction they have received.
3. Contract for difference without counterparty risk (contracts are for USD, gold, Apple stock or anything else). I lock my account A to B, who provides a CFD service, and B locks his account B2 to my account A2. Wins/losses are settled between the parties once a minute by signing transactions without broadcasting them. One practical application would be to lock the USD value of my NXT holdings by short selling. Skycoin developer talks about something similar in "Continuous Settlement and Clearing" here:
https://bitcointalk.org/index.php?topic=380441.msg10605137#msg10605137